P Diddy (Sean Combs) has been crowned the highest-paid hip-hop artist. He has exceeded the likes of popular rapper Jay-Z, notorious rapper Kanye West and even the Queen of rap Nicki Minaj. With no latest hits, you’re probably wondering why Diddy has been given the title of richest man in hip-hop. Here’s the answer- Diddy is one of the most successful entrepreneurs in the music industry.
Music isn’t Diddy’s only accomplishment since his introduction to fame in 1997. The music mogul has a long line of businesses and has climbed the corperate ladder like no other. The Grammy-award winning rapper has hustled his way to the top and has a booming resume anyone would be envious of. Diddy has a string of successes including a record label – Bad Boy, a clothing line - Sean John, a vodka brand – Ciroc and an upcoming music cable channel – Revolt. There’s no wonder why he has a net worth estimated at more than half a billion dollars…
Due to his fortunate entrepreneurial career, Diddy was invited to be a guest honour at an awards ceremony for the 2013 National Youth Entrepreneurship Challenge. Presenting a cheque of $250,000 to the non-profit organisation, the rapper told the ambitious youth, "I believe all young people should be given the opportunity to be successful and to pursue their passions."
As a leader in the game and as a business tycoon, Diddy offered some words of advice to the young aspiring entrepreneurs.
Believe in yourself and strive for independence
"Every kid likes being able to have their own money and their own independence. Everybody remembers that feeling of being able to buy their own first toy from their allowance. And there is a certain pride that comes from being able to have that independence, being an entrepreneur to me means belief in myself, and belief in my dreams, and independence and freedom."
Importance of revenue
"If it don't make dollars, it don't make sense."
"When you are in a business, you are really responsible -- especially if you have staff -- you are responsible for your investment and you are responsible to the people that work for you and so sometimes you gotta make the hard decisions. Sometimes you gotta make more of the conservative decisions, but also, any true entrepreneur knows that at some point you have to make that gamble."
Know your field
"Make sure the odds are in your favor. And to do that, make sure that you are a master of that category that you are investing in, or you are trying to start a business in, any business I get into, I go and I do the proper studying and I do the research to make sure I thoroughly understand that business."
Understand people’s needs
"What do people need? What do people want? That is the start of a great businessman or woman -- just understanding what people need and people want."
"When you start out as an entrepreneur, it is a lonely place. You start out with a dream yourself, and the first person you hire is yourself. And so it took a while for me to be able to start to train and give up some of the power to other people in order to enable myself to continue to grow, I used to be a micromanager, and I still am some time. But I am more of a macro-manager now."